The Board of Directors of Sovereign Trust Insurance Plc at its last meeting elevated the Executive Director/Chief Operating Officer, Mr. Wale Onaolapo to the position of Managing Director, while the co-founder and pioneer Managing Director, Mr. Oluseun Ajayi was made the Executive Vice Chairman. These new positions became effective from January 2, 2008.
The Chairman, Chief (Dr.) Ephraim Faloughi, OON, in his congratulatory message expressed great satisfaction over their performances since inception in 1995. In his words, “The Board of Directors has great confidence in you and are optimistic that you will both continue to work hard to take the organization to the next level. We can only wish you the very best in your new assignments and hope you will keep delivering value to all our stakeholders”.
It is expected that this change will further strengthen the top management team to ensure that the medium and long term strategic goals of the company are accomplished.
Wale Onaolapo, a Chartered Insurer holds an MBA with specialization in Marketing Management from the Lagos State University and he is also an Associate of the Chartered Insurance Institute, London.
He has over 25 years insurance experience involving both insurance broking and underwriting. Mr. Onaolapo is also an alumnus of Lagos Business School having successfully completed the Advanced Management Programme, AMP. He has attended many management and Leadership courses locally and abroad.
Wale, as he is fondly called by colleagues joined the organization in 1995, as a top management staff in the capacity of Assistant General
Manager, Technical and in 2004, was elevated to the position of the Executive Director/Chief Operating Officer until his recent appointment.
Sovereign Trust Insurance Plc commenced business in 1995 as a limited liability company and is today listed on the Nigerian Stock Exchange. It is one of the fastest growing insurance companies in Nigeria and the West African sub-region.
The company aims at becoming one of the top five in the insurance sector within the shortest possible time. To achieve this, conscious effort is being made to expand the branch network nationwide to afford Nigerians qualitative insurance products and services.
Gross Premium written rose from N40Million in 1995 to over N2.5Billion in 2007. The company‘s paid up share capital which was N20Million in 1995 has gone up to N2Billion in 2007. Total Assets rose from N47Million in 1995 to over N4Billion in 2007. Total claims admitted and paid during year 2007 amounted to over N470Million. The staff strength has risen from 42 in 1995 to 156 in 2007.
The company boasts a team of astute, innovative and well committed professionals both at the top and middle management levels.